Tax Saving Tips

Planning for TAX TIME

Here’s some tax saving tips to prepare for the end of financial year:

Instant asset write-off

The Asset Write-Off limit has been increased to $30,000, so business assets that are purchased before 30 June may be claimed as a full deduction in your 2019 tax return.

Remember:       

• Multiple assets can be eligible, as long as the cost of each asset is less than $30,000
• Each asset must be installed/ready for use by 30^th June.

Prepaid expenses

Pre-paying expenses means that future expenses are brought forward into the current financial year trading and can be claimed in this year’s tax return.

Remember:       

• Expenses can include rent, registration fees and insurance
• Lease contracts can be pre-paid for up to 12 months in advance and the lease payment claimed in current financial year.

Small business concessions

• Simplified trading stock calculation
• Accelerated depreciation for primary producers – fencing, water facilities, fodder storage

For more details, please see the ATO website: https://www.ato.gov.au/Newsroom/smallbusiness/General/Take-advantage-of-small-business-concessions/?sbnews20190619

For help with your tax, seek advice from your registered tax professional.